How bigginers should make good use of their discretionary income in bitcoin .

[GiftedMAN]

Bitcoin alone may be risky, but knowing how to mitigate risk through investing in your spare money, following DCA method, securing self-custody and diversification of your assets will guarantee high success and financial returns in the long run. All of these should be familiarized, and beginners are not an exception.

With DCA method you have already the risk in your investment all you need is to manage your security and protect assets and avoid involving yourself in anything that would lead to your wallet hack. Bitcoin investment is based done using your discretionary income, once you are able to have a good investment plans and you manage your income very well and not depend on your investment for survival you would be patience enough to accumulate and allow your investment to mature very well thereby generating you profit at the long run. Beginners should think about the future and consider safety of their investments before investing in Bitcoin.

[passwordnow]

It's enough to give the beginners the reminder to invest what they can afford to lose. And the rest lays on how they're going to keep themselves invested to bitcoin. If they make a mistake, it's okay and they'll learn from it. Just as we, we've learned thanks to the early investors and those who has given us tip on how to invest correctly. But even with guidance, we still made mistakes, not just once but a lot of it. From there, we've learned eventually how to stay on holding bitcoin and how to properly unattached our emotions from investing. So, if a beginner is doing the right thing that's nice but they're still prone in committing mistakes and that's okay and no one can skip that.

The goal is only to be able to accept when something does not go according to what they expected in the investment they made because currently many people invest in Bitcoin but they never know or understand how to anticipate events like what I said earlier so that when they do it, especially if the amount they do is quite large, of course they don't think at all about the options they have to accept, but in my opinion, they only want to invest once if they experience a loss when they first invest so that for the second stage I think they won't want to do the same thing again and it could be that they will end up not wanting to invest again because they feel there are many losses that make their interest no longer want to continue to the second stage and this is what they should be more prepared to accept events like this they can anticipate and if they don't continue, of course they are not ready to face the problems that occur in Bitcoin investments.

When they invest quite large amount of money, they need to know if they can afford it. Because an investor who's responsible will check everything first in their capacity before putting large amount at risk. Although we're talking about bitcoin here, that's still going to give a check as an individual investor of what kind of investor you are when you're checking it first. If you're not thinking as you invest and you're just mostly throwing money because you think it is profitable, that's for you to consider later if you'd thank yourself with that style or not.

[freedomgo]

I don't think there are other ways to use discretionary income when trading. You just have to trade on the amount you are comfortable of losing, and not using the funds intended to pay the bills or funds that will have immediate purpose.

However, before jumping into trading using discretionary income, know yourself first if you are actually aware how trading works, or how to trade profitably in such a volatile and unpredictable market. Because if you are there because of peer pressures, or because you envy those lives who have changed through trading, then obviously you should not be entering real trading, but learn first from others and do demo trading to widen your knowledge about tarding.

[cyberninja2]

It's enough to give the beginners the reminder to invest what they can afford to lose. And the rest lays on how they're going to keep themselves invested to bitcoin. If they make a mistake, it's okay and they'll learn from it. Just as we, we've learned thanks to the early investors and those who has given us tip on how to invest correctly. But even with guidance, we still made mistakes, not just once but a lot of it. From there, we've learned eventually how to stay on holding bitcoin and how to properly unattached our emotions from investing. So, if a beginner is doing the right thing that's nice but they're still prone in committing mistakes and that's okay and no one can skip that.

The goal is only to be able to accept when something does not go according to what they expected in the investment they made because currently many people invest in Bitcoin but they never know or understand how to anticipate events like what I said earlier so that when they do it, especially if the amount they do is quite large, of course they don't think at all about the options they have to accept, but in my opinion, they only want to invest once if they experience a loss when they first invest so that for the second stage I think they won't want to do the same thing again and it could be that they will end up not wanting to invest again because they feel there are many losses that make their interest no longer want to continue to the second stage and this is what they should be more prepared to accept events like this they can anticipate and if they don't continue, of course they are not ready to face the problems that occur in Bitcoin investments.

When they invest quite large amount of money, they need to know if they can afford it. Because an investor who's responsible will check everything first in their capacity before putting large amount at risk. Although we're talking about bitcoin here, that's still going to give a check as an individual investor of what kind of investor you are when you're checking it first. If you're not thinking as you invest and you're just mostly throwing money because you think it is profitable, that's for you to consider later if you'd thank yourself with that style or not.

That's true, because sometimes they do it with large sums without considering their own needs, and we're discussing this not to prohibit those who do so, but rather to protect each other to prevent the risks that those who do so without considering what is sometimes the most important thing they must fulfill.

And it is not necessarily the Bitcoin issue that we are discussing but with the image that we implement it becomes an image for us in terms of protecting ourselves when doing Bitcoin so that when we make Bitcoin investments we always reflect the image that we have often discussed and that becomes our guide in making Bitcoin investments, becoming a meaningful lesson so that we are always right in doing it and without forcing ourselves to have to do it in a way that makes us more towards the direction that we will experience many risks.

[Awaklara]

For beginners, just focus on investing in Bitcoin. With whatever income you have, the most important thing is that you are managing your finances. You know how much money you need for living expenses. You know how much you should save. You know how much you can invest. I think that’s important. 
And perhaps even more importantly, don’t get into trading just yet. Especially trading shitcoins that are heavily promoted in signal groups with promises of high profits. 
Understand how you can hold onto your Bitcoin investment until you reach the target you’ve planned.

[CryptopreneurBrainboss]

These reasons above, are some of the ways bigginers can spend their discretionary income wisely.
What is your take on this?

They are all good advice but again the decision lies on the hands of the beginner, not everyone is equal so the same advice can't be given to everybody as if they have the same access to finance or have the same level of knowledge. A newbie that has just discretionary income of $10 shouldn't be investing with so much hope in Bitcoin when he could have easily invested that $10 into a small business around his neighbourhood and grown that money to a bigger amount that he has enough left to invest in Bitcoin. A problem that newbie have is that they invest so little and then expect so much from Bitcoin, Bitcoin is no longer that small asset that you're $1 could give you such a huge profit in few years time.

[taufik123]

They are all good advice but again the decision lies on the hands of the beginner, not everyone is equal so the same advice can't be given to everybody as if they have the same access to finance or have the same level of knowledge. A newbie that has just discretionary income of $10 shouldn't be investing with so much hope in Bitcoin when he could have easily invested that $10 into a small business around his neighbourhood and grown that money to a bigger amount that he has enough left to invest in Bitcoin. A problem that newbie have is that they invest so little and then expect so much from Bitcoin, Bitcoin is no longer that small asset that you're $1 could give you such a huge profit in few years time.

Seeing how Bitcoin is developing now is indeed very difficult for those who still want to invest with small funds and expect it to grow big faster.
Bitcoin is no longer at the point of making 100x easily, Bitcoin was already at ATH $125k and that's a high price.

Although now the price of Bitcoin is in the $60k++ price area, but it is not easy with a $10 investment, it is still very small, takes a long time and must continue to be consistent.

If in the past when Bitcoin was still below $100 it was the best moment with $10 and expect big profits in the next few years.
But of course it is not easy, and many give up and then take advantage of it.

[Faisal2202]

These reasons above, are some of the ways bigginers can spend their discretionary income wisely.

What is your take on this?

I can't agree more with you, but one thing should be taken seriously that you can't say you can make a profit for sure from bitcoin even if we invest with our discretionary money because in reality we might not be affected if we lose it, but what if we set no emergency funds, we used money and at the end of the month we still had some funds left and we also received another payment.

That means we have some funds left from the last payment that we can invest without any issue, right, but things can get really worse when we don't have savings or emergency funds for bad times which can come anytime, so we might be forced to sell at a loss and maybe at a profit if we are lucky enough.

So for one, never take profit as a guarantee! Even if it is obvious. Second, never think your discretionary income is enough while you don't have emergency funds.

[Ndabagi01]

For me,I will say that even though people are investing with a discretionary income, it's still very important to get a clear plan before going ahead to buy bitcoin. Don't allow your emotions control your decisions whenever the market is going up and down, always know why you're investing and lastly for how long you want to hold. You see for something like this, consistency and patience matters alot, but risk management too is also important, what will help beginners to avoid alot of costly mistakes is for them to stay with their plan and only invest money that they can afford to lose for a start.

With bitcoin investment, you’ve not actually lost money you’ve invested into but you’re only going to lose it when you sell at loss. Bitcoin since history has been on an uptrend, this is a big sign that the market will continue to move on that path. So you can only lose money from bitcoin investment when you sell at a price lower than the price you entered the market with.

When you’re able to know this, staying on top of your investment without allowing anything to discourage you is very important. You won’t panic sell, you won’t panic to make decisions that will affect your overall investment. Discretionary income is most advised to be used because it gives you a free mind to not bother about using the money for another thing else until your profit target is reached.

[jossiel]

So for one, never take profit as a guarantee! Even if it is obvious. Second, never think your discretionary income is enough while you don't have emergency funds.

Many forget about the emergency funds for as long as they're invested. Both can be right and wrong.

But I think people who doesn't prioritize emergency funds will realize that in investing, there's a responsibility that we have to protect ourselves and our investments.

And one of it by being responsible of having emergency funds so that you won't be having a problem financially when you need it.

[Charles-Tim]

These reasons above, are some of the ways bigginers can spend their discretionary income wisely.

What is your take on this?

Bitcoin investment and discretionary income. These are the two most important part of your topic, but they are not related to trading in ease of money making because trading is similar to gambling, while bitcoin investment is better for most people. I think bitcoin discussion is the perfect fit for this or beginners and help. Yes, buying bitcoin with discretionary income is a very good idea, but learn about the market very well and know the bull and and the bear market which can help you a lot.

[Merit.s]

Many forget about the emergency funds for as long as they're invested. Both can be right and wrong.

But I think people who doesn't prioritize emergency funds will realize that in investing, there's a responsibility that we have to protect ourselves and our investments.

And one of it by being responsible of having emergency funds so that you won't be having a problem financially when you need it.

Emergency funds is very important for a long term bitcoin investor who wants to be successful in his bitcoin investment because it's still from your discretionary income that you will use to build up your emergency funds of at least three months of your monthly expenses.

Anyone without a discretionary income cannot invest in bitcoin without selling those bitcoin when his needs arises and possible at loss if the price of bitcoin is below his entry point.

[Queen uloma]

I agree with you, for new beginners, the most essential thing is not how much they invest, but How they manage their investment. If someone uses their  discretionary income to invest they won’t be under pressure to say because of emergency or when the price isn’t stable. Beginners should not also buy bitcoin because someone ask them to buy. Firstly they are supposed to understand what bitcoin is, why it has value, how to protect their wallet, and seed phrase. Knowledge is very powerful when it comes to bitcoin investment. Many people have lost their bitcoin not because the price were not stable, but because they failed to protect their wallet properly. DCA is a good strategy because it helps to remove emotions from investment. Instead of trying to predict the perfect time to buy bitcoin, the best thing is to buy consistently. over time this can help reduce the affect of bitcoin price volatility. Beginners should also understand that bitcoin does not guarantee profit. No one can promise what’s the future holds.  that is why patience, discipline and invest only with money that won’t affect your live is the best approach to use.

[henmark]

There are situations when as a beginner you can make many mistakes while investing in bitcoin with your discretionary income.
Discretionary income is the fund you can afford to loose, but if wisely invested, you will definitely make good profit from bitcoin.

In every investment we always emphasize that investors should invest what they can afford to lose, even though it's a discretionary income or not, make sure what you invested is what you can afford to lose...

That is because investing has a risk and that an investor can lose their money if they are not well prepared. BTW mate, discretionary income and money that we can afford to lose seems the same. I'd rather say that whichever rank we are sitting at currently (be it newbie or experienced) it is always best to use the type of money we talk earlier because there are times that the market can move on its own.

Not only that but choosing the right asset also plays a big role in one's success. This is also where we can say that even if we can't help but to use money outside of our capacity, but have only invested on something worthy like Bitcoin for example, then that still can lessen our risks.

[Hamza2424]

For me,I will say that even though people are investing with a discretionary income, it's still very important to get a clear plan before going ahead to buy bitcoin. Don't allow your emotions control your decisions whenever the market is going up and down, always know why you're investing and lastly for how long you want to hold. You see for something like this, consistency and patience matters alot, but risk management too is also important, what will help beginners to avoid alot of costly mistakes is for them to stay with their plan and only invest money that they can afford to lose for a start.

Hmm, you are right, but when we invest with money that we do not care to lose, we already save ourselves from huge pressure because if we are earning money and we want to invest it in something, we know that we have to invest with discretionary income, especially in bitcoin. That means the person is not immature.

That person knows exactly what he is doing and what needs to be done in order to make profit.

But you are right bro, when you invest even with DCA and see a huge loss, your mind tells you to cut the loss and save what is left to buy something like a new smartphone or a bike that your friends have just bought. Now you are motivated too.